Operating Performance of Management Buyouts: Non-PTP Dimension of Acquisitions

Year 2021, Issue: 116, 9 - 36, 03.10.2021

Lokman Tütüncü

https://doi.org/10.33203/mfy.686858

Abstract

This paper investigates value creation in a unique sample of 412 private firm and divestment management buyouts. Performance of buyouts is tested within Jensen’s agency framework, which posits mitigation of agency conflicts through buyout. Results indicate that last decade management buyouts are characterised by low leverage, high growth and moderate profitability. Post-transaction performance is superior to comparable non-buyouts, however buyouts begin to outperform control firms prior to acquisition and pre-to-post transaction performance improvements are minimal. Leverage is a significant driver of performance despite being low and private equity sponsors generate little additional value after controlling for selection bias.

Keywords

Management buyout, non-PTP buyouts, divestment, , private equity

Yönetim Satınalmalarında Faaliyet Performansı: PTP Harici Satınalmalar Boyutu

Abstract

Bu çalışma 412 özel şirket yönetim satınalmasında değer yaratılmasını incelemektedir. Satınalmaların performansı vekalet çatışmalarının satınalma ile hafifletilmesini öngören Jensen’in vekalet teorisi çerçevesinde test edilmiştir. Sonuçlar son on yıldaki yönetim satınalmalarının düşük kaldıraç, yüksek büyüme ve ortalama bir karlılık ile karakterize edildiğini göstermektedir. Satınalma sonrası performans diğer şirketlere nazaran yüksek olmakla birlikte, performanstaki iyileşme satınalma öncesinde başlamaktadır ve işlem sonrası performans iyileşmeleri minimaldir. Düşük olmasına rağmen kaldıraç performansın anlamlı bir belirleyicisidir ve özel sermaye sponsorlarının seçilim yargısı düzeltilmesinden sonra düşük düzeyde değer yarattıkları görülmektedir.

Keywords

Yönetim satınalması, PTP harici satınalmalar, özel sermaye

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